tv The FOX Report With Shepard Smith FOX News June 19, 2012 7:00pm-8:00pm EDT
but first from fox this tuesday night, an historic showdown on capitol hill over operation fast and furious. the attorney general of the united states meeting with the head of a house committee just hours before it was set to vote contempt of congress. eric holder has not turned over thousands of documents they have demanded. now he is offering to turn over some of those documents in an attempt to prevent tomorrow's vote. but the committee chairman, the california republic darrell issa says t may be too little and too late. officials say operation fast and furious was supposed to track weapons from the united states to mexican drug cartels. but investigators say the feds did not track hundreds of those weapons and that two of them turned up at the scene of the killing of the u.s. border patrol agent brian terry in december of 2010. it's fox top story and mike emanuel is on it on capitol hill. there is an evening meeting. what do we know about it? >> well, shep, it was short and not terribly productive.
chairman darrell issa asked the attorney general for documents related to fast and furious while mr. holder, the attorney general offered a briefing. in other words, to talk about them, the attorney general left here disappointed. >> we offered the documents on the condition that we would resolve the subpoena question. that he would view the provision of these documents as fully satisfactorying the two subpoenas that have been sent to us. it's a whole variety of material and consistent with what we have already made available. >> attorney general holder went on to say there is no effort to mislead but clearly he was trying to get that contempt of congress vote off the table in exchange for the paperwork and darrell issa did not bite on that, shep. >> shepard: what about the number of documents that's been part of the controversy here? >> well, that's right. the department of justice itself says they have some 140,000 documents related to fast and furious. they told that to their own in-house investigator. approximately 7600 have been turned over to darrell issa
and his committee about 5% or so. so issa is saying hand over the paperwork. >> we went through the process of what was being offered. and responded as i think we have to, which is that the documents that they may choose to give in the future we need to have before tomorrow. ultimately, the documents necessary to cause a postponement appear to be in their possession. we're hoping that we have them tonight. >> so barring some huge delivery of paperwork related to fast and furious, all i understand accommodations are a house committee will move forward tomorrow with a contempt of congress vote against the attorney general. shep? >> shepard: mike emanuel on capitol hill with an update. more as they come in. the president wrapped up a summit today that could help determine america's financial future. president obama has been meeting in mexico with leaders of the world's largest economies. the white house is attempting to ensure europe is taking steps to fix its financial
headaches. countries across the european continent have been dealing with problem after problem from spain's bank rescue to greek's political upheaval and debt troubles. if europe fails to fix itself, it could drag down the rest of the world. but yesterday the president of the european commission called out the united states, saying this crisis didn't begin in europe. >> this crisis was the result of [inaudible] america. and many of our financial sector were >> shepard: he added he is not blaming anybody and it's time for world leaders to work together. a senior white house administration official says that european leaders are right now working on a more forceful response to stabilize their financial system and the united states treasury secretary tim geithner says he is encouraged by what he heard from the europeans today. here at home stock markets
jumped on hopes that the federal reserve will soon make moves to stimulate our economy. we also saw signs of healing in the housing market. the commerce department reports builders requested more permits for new homes last month than at any point in nearly four years there was discouraging news on jobs. the labor department reports u.s. employers advertised the lowest number of jobs we have seen in five months. 3.4 million openings in april down from 3.7 million in march. if you consider the number of unemployed people in america, that means nearly four people are competing for each open job position. when the job market is doing well, they are usually just about two people competing for each opening. still, the dow ended the day up almost 100 to close at its highest level in a month. the nasdaq up 34. the s&p 500 up 13. continuing coverage of breaking news from the last hour. the ousted leader of egypt hosni mubarak declared dead today by state television there. reports were his heart stopped in a hospital and that it did not respond to a
defibrillators. authorities quickly revived that report. now officially the 84-year-old is in a coma being kept alive artificially by a respirator. all of this after hosni mubarak suffered a stroke in a prison hospital. he was sentenced earlier to life behind bars for failing to prevent the killings that protesters calling for him to accept down. those protesters succeeded last february when egypt's arab spring pushed him out of the post he had held for three decades. it's early thursday morning. can you see the crowds that were there in the last few hours. they are waiting for official word and new layers form to what is threatening to become a new chapter of unrest in political power struggles. there is uncertainly about who would succeed hosni mubarak and whether any successor will actually wield any power. leland vittert with the news live this early wednesday morning in cairo. leland? >> good evening, shepard. here in cairo, there was a loud roar that went up from
behind me when rumor went through that he had suffered a heart attack and died. the only thing we do know for sure he he was moved from the prison to a military hospital. the 84-year-old was the king of the arab world. a key to stability here ally of the united states and israel but could talk to anyone. he was thrown out after just a little less than three weeks of protests and it was perhaps a coincidence or maybe the ousted leader just couldn't take the embarrassment anymore. but this right now as egyptians are waiting for the results of the election for who will become their new president. it looks like the muslim brotherhood candidate has the lead right now. there were mass protests in tahrir square earlier today over the fact that the army dissolved the democratically elected parliament. they also say the muslim brotherhood does that the army has staged effective cue and made their candidate mohammed morsey who will probably take
the presidency totally ineffective and simple play of figure head. presidential results are expected on thursday. what if any effect president mubarak's current health crisis will have on the situation here in egypt is very unclear as is the future of egypt right now. the situation as t stands though, however, the last time we had a big protest right here in egypt was when they stepsed him to life in prison. the demonstrators, shep, wanted the death penalty instead. not a lot of tears will be shed when he eventually passes. >> shepard: leland vittert in cairo. here at home penn state football assistant coach jerry sandusky accused of assaulting 10 goises some of them in his own home while his wife was in the house. today, his wife took the stand at his trial and talked openly, if quietly, about what happened when those children came over. and why she says she knows he cannot possibly be guilty. that and the rest of the
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live pictures as russian president vladimir putin is speaking. he started late. we were to hear from president obama at the bottom of this hour. we are assured that that now will be delayed at any rate. at some point the president will speak and at that point you will hear him live on fnc. the wife the former assistant football coach accused of sex imreal abusing nearly a dozen young boys testified that his husband cannot be guilty because she never heard any children screaming in their basement. as you know jerry sandusky is accused of raping and abusing young boys in that home over
the course of 15 years. the number of accusers took the stand last week detailing years of alleged abuse. today coach sanduskyy's wife claimed their basement was not sound-proof and that since she was home when many of the accusers were there, she would have heard something. meantime coach sandusky made bizarre reference to soap opera when asked if his client would take a stand. >> it's like a soap, you have to wait and see. >> thank you. >> if you know the answers, it takes all the excitement out of it. i think it's general hospital. >> actually, it could be all my children. all her children. >> shepard: his answer was all my children. david lee miller is live with the news tonight outside the courthouse in bellefontaine. how effective was the defense today. >> dotty stood by her husband as expected. is there were no stunning revelations that helped the defense and there were no stunning revelations that helped the prosecution.
she did dispute being assaulted until dottie interrupted. dottie's version of that incident very different. her husband and the accuser were in a hallway fully clothed arguing about attending a luncheon, she said and that's when she walked. in at the conclusion of the cross-examination. the prosecutor asked her why would these young men lie? her response? i don't know. shepard? >> shepard: david lee the defense had a psychologist on stand today. what did he say? >> this psychologist said he examined jerry sandusky, gave him some tests and concluded that he is suffering from histrionic personality disorder. now, this diagnosis was used by the defense to explain why sandusky wrote those so-called love letters to an alleged victim. the psychologist told jurors those who suffer from the disorder are highly emotional individuals and must, at all times, be the center of
attention. a psychiatrist for the prosecution though disagreed with the diagnosis and he went on to say during the cross-examination, agreeing with the question that it's possible sandusky suffers from psycho sexual disorder that focuses on young boys. and just a short time ago, we talked to sources close to the trial here at the courthouse. and they told us, shepard, that preparations are now underway for sandusky to testify tomorrow. shep? >> shepard: david lee miller live at the courthouse. david lee, thank you. a new mini series is giving us a look at a side of our country that most of us never see. it's called america revealed. and t uses computer technology and maps it to illustrate everything from pizza delivery routes to how electricity flows across the country. here is that map of the electrical grid. you can see clearly the brighter glow in the eastern half of the united states and major cities and then this is an illustration of corpse flights. airplanes carrying one are more bodies in cargo holds.
can you see a lot of them heading out of florida where some older americans go to retire. and coming up, here are the paths that pizza delivery cyclists took in manhattan on one evening. midtown east and west are busy. blue lines represent the bikers as they zipped around the city though that might be generous. america revealed airs wednesday on pbs in the united kingdom. we're just getting word of the blood shed? syria. they may have lost the backing of vladimir putin. if true, it is enormous development. this comes just as the united nations security council meets to talk about how to bring end. late breaking information straight ahead. plus, how on earth would anybody survive this? that's an x-ray. and that straight white thing is a spear through the round
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>> shepard: still developing, word of a dramatic new turn of events in syria. the russian president vladimir putin is reportedly making clear at the g 20 summit in mexico that he no longer supports bashir assad. that comes from david cammeron according to the reporting of the reporter news service. if true, this is huge. up until now, russia has been syria's staunchest supporter. and it comes on the same day the head of the now suspected united nations peace keeping mission warned that the u.n.
may have much more on its hands very soon. another video, amateur video of the scene in the city of homs. we cannot independently verify its authenticity. we're told syrian government forces have been pummeling that town rockets and artillery. three russian trips could be heading to syria. a fourth russian ship that was said to be carrying attack helicopters for that nation has reportedly turned around from waters off scotland and heading back to port after pressure from the united kingdom. now, just yesterday, you could see the icy body language between our president and the russian president at the g-20 summit. today the u.n. security council met behind closed doors to discuss the chaos that shows no signs of stopping. with all of this as a back drop, jonathan hunt is at the united nations. jonathan potentially significant developments between the russian president and assad?
>> absolutely. if the british prime minister's reporting of his conversations with russian president vladimir putin are accurate, then this is a major development. the british prime minister saying that president putin no longer supports president assad of syria. that is huge. he said, the british prime minister there remain differences over the sequencing and the shape of how the transition takes place. but it is welcomed that president putin has been explicit that he does not want assad remaining in charge in syria. meantime here at the u.n., the security council heard a depressingly bleak assessment of the violence in syria from the head of the u.n. observer mission and one more call from all sides to once again abide by former u.n. secretary general kofi annan's peace plan. that came from the head of the u.n.'s peace keeping operations. listen. hopefully, conditions will be
created, one way or the other, whereby the 6 point plan can make progress. because, again, one has to say there is is no other plan, no other game in town. there is no plan b. so, the 6 point plan of kofi annan remains the reference, the framework for settlement of this dramatic crisis. >> and, of course, what everybody here at the united nations at least on the u.s. side now wants to see is president putin of russia back action to actually remove president assad from power. not just words from the russian president, shep? >> shepard: jonathan, today president obama met with china's leader. what do we know of that meeting? >> yeah. and, of course, china is the other nation that has blocked strong u.n. action against president assad of syria. president obama said after his meeting with president hu shin
talk that he hopes that the two nations can cooperate to end the blood shed in syria. for his part. he said he would work to do what they can to sensitively and appropriately handle the difficult issues between the u.s. and china. did he not, however, explicitly mention syria. so, again, waiting for action, not words from china. just as the rest of the u.n. is waiting for action, not words from russia on syria. shep? >> shepard: jonathan hunt at the united nations this evening. jonathan, thanks. a teenager in miami is recovering after doctors removed a fishing spear that had been lodged in his brain. and there's the x-ray. the kid's skull with the spear through it. we're told the boy's friend accidently shot him in the forehead with the spear gun just above his right eye. and this is the kid on a stretcher the day it happened. if you look closely you can see that 3-foot spear
protruding from his cranium. and the kid is still awake in this picture. doctors say the spear missed all of the main blood vessels in his brain and that after a few months of rehabilitation he should make a nearly full recovery. >> his words are actually amazingly easy to understand. for example he says he is not having pain. is he worried about the fact he can't use his left side properly. >> it happened in a lake neither victim's home. doctors say they got an accident report indicating both boys passed out after the accident. one from the injury, the other apparently from seeing it. we're just minutes away from the start of president obama's news conference. a graphic has just gone up from our satellite feed from the summit in lois cab bows in mexico. i told you wrapped up in record time. world leaders have wrapped up this summit. meetings financial crisis.
analysts say that crisis is already dragging down the united states economy and could even jeopardize president obama's chances of winning a second term. so there is a lot on the line as the president gets ready to speak to the world. his news conference live as soon as it starts as we approach the bottom of the hour and the top of the news on fox report. if we took the nissan altima and reimagined nearly everything in it? gave it greater horsepower and best in class 38 mpg highway... ...advanced headlights... ...and zero gravity seats? yeah, that would be cool. ♪ introducing the completely reimagined nissan altima. it's our most innovative altima ever. nissan. innovation that excites. ♪ [ john ] no. ♪ were you just... no. are you supposed to be driving that in here? no! yo! teresa here? ♪
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the summit with leaders los cabos in mexico. meeting with the world's largest economies. they have been trying to figure out a way to solve europe's financial problems and keep them from causing more trouble for the rest of the world. gerri willis with is with us now at the bottom of the hour. what happens next? what's the role of the united states here. >> the president is pushing europe to solve its financial problems. and europe is pushing back. europe is saying that the u.s. has to make sure that they keep spending here so that europe doesn't go into a great big recession. at the end of the day, it's a lot of push me, pull you, it's not clear if any of these words are going to amount to action. >> shepard: should europe be telling washington, i don't know, what to do? they seem preteshed with us. >> yes. they are not happy with us. they think it's our policies that got them into trouble. when you look how much debt europe has. those european countries are in more trouble than we do. ireland g.d.p. 113%. mortgage 112. italy 124. greece is 153.
ours 107. at the end of the day we have less debt than many of these countries in trouble. it's arguable that our policies are what caused these country in decline. >> certainly arguable at least. >> let's bring in wendell goler. jonathan hunt at the united nations here in new york. we will, of course, talk about what the president is about to say and the situation with europe. but i think it's important that we give you an update on a story we reported on earlier that jonathan hunt is covering from the united nations and to get that i'm going to read from that this computer. jonathan we just gotten a dispatch from the reuters news agency that indicates the russian president vladimir putin said a short time ago that syrians should be the ones to decide whether president bashar assad remains in power. apparently contradicting reports that he no longer backs the syrian leader. you and i reporting what david cammeron's folks said to reuters. putin made the comment shortly after the british prime minister david cammeron and russian leader made it clear he doesn't want assad to
remain in power. all hopes that the russian president had backed off that appear now dashed. backed him into a corner there has been a diplomatic effort by the u.s. and by the u.k. to put the russian president under increasing publish to withdrawal his support from president assad of syria. president putin himself now it appears backing away from that and saying what he has essentially said all along that syrian people have to be the ones to decide their own political future. and, of course, it all comes down to action anyway. not words. and the action has to ultimately happen here at the united nations. first security council resolution would be the way to begin to pressure president assad to step down and to start organizing a transition to some sort of democracy. but if the russian president is backing away from what prime minister david cammeron
reported, then we are really, shep, back at square one it seems. >> shepard: it certainly would appear. jonathan hunt, thanks. back to the matter at hand now as we await the president's remarks from los cabos. wendell goler is there. the degree to which there has been progress i suppose is more one for opinion and analysis at this point than dissemination of facts. that said, what can we expect to hear from the president tonight? >> well, shep, we expected to say that europe knows what it needs to do to resolve the eurozone crisis it was never going to be solved here. four leaders here if you count the members of the euro zone. the other 16 not. next week in brussels all 17 eurozone leaders get together to come up with a plan to have closer banking integration. closer fiscal integration meaning their budgets work better together. what the g 20 did today was to endorse that saying they want europe to work together more closely, so that they can promote growth and get out of
this period in which europe's stagnation is dragging on the u.s. economy, shepard? >> shepard: wendell, thanks. gerri willis is with us still on set. u.s. treasury secretary tim geithner waited almost in line to speak. fill our viewers in. >> right. geithner did expeek this afternoon. speaking about what europe is doing. really saying that he endorses system of these moves that the europeans appear to be making. especially when they start talking about bring all their financial regulators together. some kind of financial union. he seemed to back that. he said that the kinds of changes they are talking about are more than he has heard in the past. and he supports that as well. >> shepard: the bigger question i suppose is whether these austerity measures will be what they have been, which is a failure, or at some point begin a long-term recovery. the problem with austerity measures is fewer people work. there is less money in the economy. and it tends to just go like this. less money, fewer workers, things get worse, not better. that's what we have seen thus far in europe. >> we have seen it in greece.
that's where it's really played out. >> shepard: and spain. >> i have to tell you though greece doesn't have the money to pay off its debt. the question is do you create more debt that you then have to pay off or you can do it through austerity? it's a big question. of course in our country here, we have tried both things. most recently we have tried stimulus and we are still working with 8% unemployment here. we are still working with maybe as much as 15% real unemployment. it's a big question. open question, really. what kind of policy can work for every country. >> shepard: true. wendell, i suppose the president would and has made the argument that without the stimulus we would be much worse. >> well, it's a combination of both reducing debt it and stimulating growth. the president shift the balance more towards growth. he thinks he has made the case here in los cabos that the urgency of the current global economic condition in which europe is very close to going into another recession which could drag the whole global
economy down argues for more sim laive spending. more debt at this time in the short run whereas the medium term as the president's aides is he they have got to get control of the deficit countries running. bailout not just greece. ireland, portugal and one for spain. $100 billion pledged for that country. the package economy is so big that it could conceivably drain all the resources so they really need to shift the scale if you will will to get the economies going so they don't need these bailouts. shepard? >> wendell, thanks, they are listening carefully to all of this at the united nations where jonathan hunt is this afternoon. what's the word from there? >> shep on the austerity measures very little here at the u.n. it seems they are more focused right now on the international problems presented by syria. and trying desperately to get some community on that. to go back to the point we were just making about whether or not president putin of russia is withdrawing his
support from president assad. the two reports we are getting from reuters, there is some nuance there. they are not necessarily mutually exclusive. of course, president putin may well have indicated to western leaders, including david cammeron that he personally would prefer if president assad were no longer the syrian leader while at the same time saying that ultimately it is up to the syrian people to decide. so with all of these reports coming out that appear to be conflicting, we have to remember that there is nuances. they are not necessarily mutually exclusive comments by the russian leader who is so important in working out. the ongoing situation in syria, shep. >> shepard: context to dramatic developments happening in egypt. so our viewers understand the time line on things, maybe an hour and a half ago or so, the egyptian news agency reported that hosni mubarak was dead. at the time tahrir square was filled with at least hundreds
of thousands of people. we now have a long view at 1:38 in the morning of wednesday morning. and this led many around the world to wonder, has he actually died? and did they not want to make that announcement while tahrir square was filled with people in an attempt to keep unrest to a minimum or is he, as they now say on life support, kept alive on a ventilator with the final days upon us? i don't think we have a way to know, but we can certainly talk about the future. that is the possibility that the next leader of egypt, whomever that is, might be a leader wielding no power. which could be quite a sight indeed. >> very well be that the military is exerting its control right now, shep, in terms of controlling what we do and do not know about the health or otherwise or indeed whether former president hosni mubarak is alive. it would not be inconceivable that the military wants to
control when that announcement is made, if indeed hosni mubarak is dead already or is on the point of death to control as you say the demonstrations that we would then be likely to see in tahrir square. remember, many of those who supported the revolution and flood to tahrir square more than a year ago wanted to see not the life sentence that was actually imposed on hosni mubarak by the courts just a few weeks ago, but they wanted the death sentence. they now appear on the brink in essence of getting their wish, and they would then flood into the square that would present all sorts of security problems. on top of that, the islamist candidate mohammed morsey is now claiming that he has won the presidency, of course. the military seems unnerved by that and appears to be trying to change the constitution of egypt to keep a lot of powers for themselves. so it is a very volatile, very fluid situation. we're supposed to get final word on those presidential
election results on thursday. and then, frankly, all bets are off as to what happens next in what is still an extremely fluid situation in egypt, shep. >> shepard: jonathan hunt, 20 minutes before the hour on fox news channel. we wait for the president to speak from the g-20 summit los cabos in mexico. we are expecting to hear more about the european debt crisis and economic problems especially in egypt, excuse me, especially in greece and secondly, at leeps for the moment in spain. many questions about what the united states role will be. gerri willis is with us again. the european union has suggested that most of these problems are the united states' fault or at least began with the united states. angela merkel, the chancellor in germany is sort of the one leading the show here. hers with the largest economy and the fewest problems relatively speaking. >> right. >> shepard: will there be a request for the united states to send money over there? and if so what might the united states response be? >> people in this country reject that out of hand, right? it's entirely possible that if things get worse, if if pain
gets in real trouble its solid next. you could see a real request for some kind of assistance out of washington. now, whether or not that would happen is anybody's guess. but i have got to tell you the federal reserve meeting today, meeting tomorrow they will be discussing the severity of these problems and thinking about what to do. one of the things they could do is increase the treasuries they buy. they could take some action but i have got to tell you they may want more direct involvement from the u.s. the imf spending direct dollars and that would be, i think, in this country not acceptable to voters. but you have got to wonder, if there is real problems in those economies, if it gets really really bad, what might would he be forced to do? >> shepard: in greece you could argue it would be difficult to see a much worse situation except that if the left party had won and they decided to drop right out of the euro. in spain, which is next on the list there are 25% unemployment. youth unemployment is somewhere around 50%. one out of 2 young people in
spain who wants a job can't find a job. how does it get worse? >> the good news for spain though their debt to g.d.p. ratio much better 79 persian. that's not as bad as some of these countries, it's just a really really big economy. anything that happens to them effects all of the eu and all of the globe, really. all of these economies are incredibly interconnected. that's one of the issues people are trying to work through right now. tim geithner in his comments this afternoon said we like the plan but also we stand behind it but he didn't say we're giving them money. >> shepard: all right. gerri willis. thank you. wendell goler back to you. jonathan nations more on hosni mubarak and our correspondent in egypt. there is a lot on the table tonight. again, we are expecting the president momentarily. he was to have begun speaking 13 minutes ago. the time frame in mexico at the summit has sort of backed up a lit bit. we know we will get a short before the president speaks and carry it entirety fox news
channel. in politics mitt rom my today wrapped up small town bus tour in the state he says could clinch the white house for him the latest from the campaign trail ahead. plus, republicans and democrats rarely agree on new regulations. but senators john mccain and harry reid both say professional boxing needs a major overhaul. our congress at work as we approach the president's news conference live from the remainder of the g-20 moments from now. this is fox news channel. america's choice for news and information on cable. eat good fats.
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>> shepard: there is breaking news on fox news channel. we have just gotten word that the president will speak in about 60 seconds or at least that's what we are told from the finals in the g-20 summit in mexico. they have been trying to figure out a way to help solve the european financial crisis which threatens the united
states economy as well. the president is to speak for about 45 minutes. let's listen. [speaking spanish] >> shepard: isn't this interesting. we are getting the audio feed meant for spanish speaking audio stations and instead as a result we are hearing the president in spanish. and now english. the miracle of television is the way we go. >> president calderon's time in office. i want to say how much i valued felipe's friendship and progress we have made and building on the spirit here at los cabos i'm absolutely confident that the deep ties between our countries will only grow stronger in the years to come. now, over the past three years, these g-20 sum mits have allowed our nations to
pull the global economy back from a free-fall and put us back on a path of recovery and growth. in the united states our businesses have created jobs for 27 months in a row. more than 4 million jobs in all. and our highest priority continues to be putting people back to work, even faster. today, we recognize that there are a wide range of threats to ongoing global economic recovery and growth. but the one that's received the most focus obviously and that is having significant impact in the united states as well as globally is the situation in europe. slower growth in europe slower growth in jobs. zeal profound interest in seeing europe prosper. that's why i have been consulting closely with my european counter parts during this crisis as we have down here at los cabos.
i do think it's important to note, however. that most leaders of the eurozone economies are not part of the g-20. the problems will not be solved by the g-20 and united states solely. they will be decided by the leaders and the people of europe. so, this has been an opportunity for us to hear from european leaders on the progress they are making next steps election in greece and because they are heading into the eu summit later this month. it's also been a chance for the international community, including the united states, the largest economy in the world and with our own record of responding to financial crisis, to stress the importance of decisive action at this moment. markets around the world and governments have been asking
if europe is ready to do what is necessary to hold the eurozone together over the last two days european leaders near cab bows have made it clear. they have pledged the action necessary to secure stability and growth. let me be a little more specific. first our friends in europe clearly grasp the seriousness of the situation and moving forward with a heightened sense of you are general sismt i welcome the important steps that they have already taken to promote growth, financial stability, and fiscal responsibility. i'm very pleased that the european leaders have said that they will take all necessary measures to safeguard
strategy which includes structural reforms. g-20 leaders all supported europe in working in partnership with the next greek government to ensure that they remain on the path to reform and sustainability within the eurozone. another positive step forward was the eurozone's commitment to work on a more incident greated financial architecture including banking supervision, resolution, and recap tallization as well as deposit insurance. also, in the coming days, spain will lay out the details of its financial support requests for its banks restructuring agency, providing clarity to reassure markets on the form in the amount and the structure of support to be approved at the earliest time. it's also positive that the eurozone will pursue
structural forms to strengthen competitiveness in industrial countries and promote demand and growth in surplus countries to reduce imbalances within the euro area. and finally i welcome the fact that europe is determined to move forward quickly on measures to support growth and investment. including by completing the european single market and making better use of european funds. of course, europe is not, as i said, the only source of concern when it comes to global growth. the g-20 also agreed that reversing the economic slow down demands a renewed focus on growth and job creation. as the world largest's economy the best thing the united states can do is to create jobs and grow in the short-term even as we continue to put our fiscal house in order over the long term. as part of that effort, we made significant progress in advancing our trade agenda. this is an essential to promoting growth, innovation and jobs in the united states. here in los cabos, we
announced important steps towards closer integration with three of our major trading partners, both mexico and canada have been invited to join the transpacific partnership negotiations which is ambitious 21st century trade agreement that will now include 11 run countries, this agreement holds enormous opportunities to boost trades in one of the world's fastest growing regions. even as we build this new framework for trade we are also working to expand our trade with europe. so, today, the united states and the european union agreed to take the next step in our work towards the possible launching of negotiations on an agreement to strengthen our already very deep trade and investment partnership. in addition, and in keeping with our commitments at the last g-20, we agreed that countries should not intervene to hold their concern sis at undervalued levels and countries with large surpluses and export oriented economies needed to continue to boost demand.
so, in closing, i would note that with mexico's leadership we continue to make progress across a range of challenges that are vital to our shared prosperity. from food security to green economic growth that combat climate change from financial education and protection for consumers to combating corruption that stifles economic growth and in strengthening financial regulation to creating a more level playing field. all of this happened in large part because of the leadership of president calderon. i want to thank him and i want to thank my fellow leaders for their partnership as we work very hard to create jobs and opportunity that all of our citizens deserve. so, with that, i'm going to start with ben feller of a.p. >> thank you very much, mr. president. we're all hearing a lot of encouraging promises about what europe plans to do.
but can you assure us that those actions, if they are able to come together on them will actually do anything to create jobs in america this year and, if europe is not able to rally in a big way pretty quickly, do you think that will cost you the election? >> well, first of all, i think that what i have heard from european leaders during the course of these discussions they understand the stakes. they understand why it's important for them to take bold and decisive action. and i'm confident that they can meet those tests i always show great sympathy for my european friends because they don't have to deal with one congress. they have to deal with 17 parliaments if you are talking about the eurozone if you are
talking about the european you are talking about 27. that means sometimes even after they have conceived approaches to deal with the crisis, they have to work through all of the politics all the politics to get it done. markets are a lot more impatient. what i have encouraged them to do is to lay out a framework where they want to go in increasing. in resolving the financial precious that are on sovereign countries. even if they can't achieve all of it in one fell swoop. i think if people have a sense of where they are going that can provide confidence and break the fever because if you think about europe, this we mains one of the wealthiest, the most productive regions of the world.
europe continues to have enormous strengths. a very well educated productive workforce. they have you know, some of the biggest, best-run companies in the world: they are trading relationships around the world. and all these problems that they are facing right now are entirely solvable. but the markets when think start seeing potential uncertainty show risk aversion and you can start getting into a negative cycle. what we have to do is to create a positive cycle where people become more confident the markets settle down, they have the space to execute the reforms that not only europe but all of us are having to go through in balancing the need for growth but also dealing with issues like debt and deficits.
and i'm confident that over the next several weeks, europe will paint a picture of where we need to go, take some immediate steps that are required to give them that time and space. and based on the conversations i have had here and today and the last several months, i'm considers that they are very much committed to the european project. now, all this effects the united states. europe as a whole is our largest trading partner. and if fewer folks are buying stuff in paris or berlin, that means that we're selling less stuff made in pittsburgh or cleveland. there is stuff.
banks are better capitalize wanted. means that our supervision and our mechanisms for looking at trouble spots in our financial system are superior to what they were back in 2008. that's an important difference. from is some more important things qui do. if congress would act on ajobs plan. that independent economists said would help put us on a palt of creating hundred million extra million jobs than have already been created. putting teachers back in the classroom and rebuilding infrastructure that badly needs to be rebuilt, all those things can make a significant difference and given that we don't have full control over what happens in europe or the pace at which things happen in europe let's make sure we are
doing those things we do have control over and good policy anyway. i think it's fair to say that any -- all these issues, economic issues will potentially have impact on the election. but that's not my biggest concern right now my biggest concern is the concern i have had over the last three and a half years which is folks who are out of work or under employed, or unable to pay the bills, what steps are we taking that potentially put them in a stronger position. and i have consistently believed that if we take the right policy steps, if we're doing the right thing, then the politics will follow. and my mind hasn't changed on that. jeff mason, reuters? where is is jeff? >> thank you, sir. my question is about syria. did preside